Hong Kong domiciled reinsurer Peak Re has been granted approval-in-principle to transact general reinsurance operations through the Labuan insurance market, by the Labuan Financial Services Authority (Labuan FSA), effective 23rd May, 2017.
The approval means the reinsurer now has improved access to the Malaysian reinsurance sector, enabling the firm to provide and offer an easier business process to its Malaysian clients.
The firm has announced that Jasmine Miow, Director, South Asia, SEA and MENA Markets, has been appointed Principal Officer of the Labuan branch, based in Hong Kong.
Chief Executive Officer (CEO) of Peak Re, Franz-Josef Hahn, commented; “As one of the world’s fastest growing areas of economic cooperation, ASEAN, and in particular Malaysia, plays an important role in Peak Re’s business strategy. Our in-depth market knowledge allows us to support our clients with our wide range of reinsurance offerings.
“This approval from Labuan FSA will strengthen our presence in Malaysia and demonstrates our commitment to our Malaysian and ASEAN clients.”